Question

what is SEZ
pls explain in ponits​

Answer 1

A Special Economic Zone (SEZ) is a geographically bound zone where the economic laws in matters related to export and import are more broadminded and liberal as compared to rest parts of the country. SEZs are projected as duty free area for the purpose of trade, operations, duty and tariffs. SEZ units are self-contained and integrated having their own infrastructure and support services.

Within SEZs, a units may be set-up for the manufacture of goods and other activities including processing, assembling, trading, repairing, reconditioning, making of gold/silver, platinum jewellery etc.

The recent rush to set-up SEZs could fuel the economic growth and provide the cost advantage to industry in the rapidly changing global market.

SEZs, being islands of opportunity, are offering business opportunity across the sectors. FDI in SEZs is set to rise rapidly once the development completes. Attractiveness of these SEZs would depend on products that have low import tariff and high volume products that have a domestic and international market.

Like anywhere else in the world, the three pillars of the SEZ Act are fiscal incentives, regulatory freedom, and world-class infrastructure.

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Answer 2

Answer:

1. SEZs are Special Economic Zones are industrial zones set up govt to attract Foreign Investment.
2. These zones have world class facilities : water supply, transport, storage ,etc.
3. Companies setting up production unit in SEZs don't have to pay taxes for an initial period of 5 year.
4. The Companies have to follow certain rules aiming at protection of workers rights.
5. Companies hire labour's flexibly ( hiring workers on temporary basis).
6. This is done to reduce labour cost.

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